Kroll Bond Rating Agency

KBRA Releases Research – Coronavirus (COVID-19): State Unemployment Borrowing on the Rise

Retrieved on: 
Wednesday, July 1, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Kroll, Bond credit rating, KBRA

Kroll Bond Rating Agency (KBRA) releases research which examines recent trends of state unemployment program borrowing related to the coronavirus (COVID-19) pandemic, and how renewed restrictions on economic activity may lead to even greater pressure on already strained unemployment trust fund balances.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research which examines recent trends of state unemployment program borrowing related to the coronavirus (COVID-19) pandemic, and how renewed restrictions on economic activity may lead to even greater pressure on already strained unemployment trust fund balances.
  • The return to lockdown of some industries most affected by social distancing will put further pressure on already strained state budgets and to their unemployment trust funds.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • Kroll Bond Rating Agency Europe Limited is located at 6-8 College Green, Dublin 2, Ireland.

KBRA Assigns Ratings to JPMDB 2020-COR7

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Tuesday, June 30, 2020
Banking, Other Professional Services, Professional services, Finance, Finance, Money, Economy, Mortgage, Kroll Bond Rating Agency, Structured finance, Commercial mortgage-backed security, Commercial mortgage, KBRA, Mortgage loan

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of JPMDB 2020-COR7, a $727.4 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 149 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of ratings to 17 classes of JPMDB 2020-COR7, a $727.4 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 149 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 43.4% less than third party appraisal values.
  • KNCF and KBRA value are key inputs for the credit model KBRA uses to rate CMBS multi-borrower transactions.
  • To access ratings and relevant documents, click here .

KBRA Releases Research - Coronavirus (COVID-19): A Closer Look at State Multifamily Rent Legislation

Retrieved on: 
Monday, June 29, 2020
Construction & Property, Finance, Consulting, Urban planning, Banking, Professional services, Family, Consumer, Other Construction & Property, Residential Building & Real Estate, Financial markets, Finance, Structured finance, Mortgage industry of the United States, Kroll Bond Rating Agency, Money, Mortgage-backed security, Commercial mortgage-backed security, Freddie Mac, KBRA, Credit rating agency

Kroll Bond Rating Agency (KBRA) releases a report titled Coronavirus (COVID-19): A Closer Look at State Multifamily Rent Legislation.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report titled Coronavirus (COVID-19): A Closer Look at State Multifamily Rent Legislation.
  • With the first confirmed coronavirus (COVID-19) case in the U.S. on January 21, 2020, the crisis has now reached its sixth month.
  • KBRA examined CMBS 2.0 and rated Freddie Mac K-Series deals to identify the locations where much of the securitized multifamily stock is located.
  • KBRA identified four states that accounted for approximately 40% of the total CMBS 2.0 and rated Freddie K Series multifamily universe ($155 billion).

KBRA Assigns Preliminary Ratings to CarNow Auto Receivables Trust 2020-1

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Thursday, June 25, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Structured finance, Financial law, Credit risk, Bond market, Kroll Bond Rating Agency, Asset-backed security, Credit rating agency, Bond credit rating, Subprime lending

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by CarNow Auto Receivables Trust 2020-1 (CNART 2020-1), a subprime auto asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by CarNow Auto Receivables Trust 2020-1 (CNART 2020-1), a subprime auto asset-backed securities transaction.
  • The review did not result in Watch Placements on any outstanding ratings from KBRA rated CNART transactions.
  • Due to the impact of COVID-19 on the economy, KBRA also used lower recovery rates and a longer recovery lag assumption on defaulted loans.
  • CarNow Auto Receivables Trust 2020-1 (CNART 2020-1 or the Issuer) will issue five classes of notes totaling $118.73 million that are collateralized by a pool of retail automobile contracts, made to subprime obligors that are secured by used automobiles.

KBRA Assigns AA+ Rating and Stable Outlook to Bi-State Development Agency Combined Lien Mass Transit Sales Tax Appropriation Refunding Bonds, Series 2020

Retrieved on: 
Thursday, June 25, 2020
Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Nationally recognized statistical rating organization, Kroll Bond Rating Agency, Bond credit rating, KBRA, Credit rating, European Securities and Markets Authority

Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Stable Outlook to the Bi-State Development Agency of the MO-IL Metropolitan District Combined Lien Mass Transit Sales Tax Appropriation Refunding Bonds, Series 2020.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Stable Outlook to the Bi-State Development Agency of the MO-IL Metropolitan District Combined Lien Mass Transit Sales Tax Appropriation Refunding Bonds, Series 2020.
  • Concurrently, KBRA assigned a long-term rating of AA+ with a Stable Outlook to the Bi-State Development Agency of the MO-IL Metropolitan Districts outstanding Combined Lien Mass Transit Sales Tax Appropriation Bonds.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA).

KBRA Assigns Ratings to Enterprise Bancorp, Inc.

Retrieved on: 
Thursday, June 25, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Credit, Kroll Bond Rating Agency, Debt, Bond credit rating, Credit rating agency, Nationally recognized statistical rating organization, Unsecured debt, Subordinated debt, Credit rating

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Lowell, Massachusetts based Enterprise Bancorp, Inc. (NASDAQ: EBTC).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Lowell, Massachusetts based Enterprise Bancorp, Inc. (NASDAQ: EBTC).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, Enterprise Bank and Trust Company.
  • The ratings are underpinned by a strong core deposit franchise that continues to support EBTCs durable and above-average NIM.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

KBRA Releases Research – Coronavirus (COVID-19): Unemployment Improves in All but Six States

Retrieved on: 
Thursday, June 25, 2020
Other Professional Services, Professional services, Insurance, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Bond credit rating, Kroll, KBRA

Kroll Bond Rating Agency (KBRA) releases commentary on the widespread improvements in May 2020 state-level unemployment compared to April 2020.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases commentary on the widespread improvements in May 2020 state-level unemployment compared to April 2020.
  • May statewide unemployment data reveal a widespread reversal of the months-long upward trend as states began to emerge from lockdown.
  • As the economy continues to advance through the various reopening phases, some of these reversals may be short-lived, while others may solidify.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns Ratings to Venerable Holdings, Inc. and its Key Operating Subsidiary

Retrieved on: 
Thursday, June 25, 2020
Consulting, Banking, Professional services, Finance, Finance, Economy, Money, Kroll Bond Rating Agency, Surplus note, Credit rating agency, Insurance, Bond credit rating, Annuity

Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A- to Venerable Holdings, Inc.s (VHI) primary subsidiary, Venerable Insurance and Annuity Company (VIAC), and a debt rating of BBB to four series of VIACs surplus notes.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns an insurance financial strength rating (IFSR) of A- to Venerable Holdings, Inc.s (VHI) primary subsidiary, Venerable Insurance and Annuity Company (VIAC), and a debt rating of BBB to four series of VIACs surplus notes.
  • Also supporting the ratings are the companys risk management and hedging programs, which have produced a strong track record over its two-year history.
  • Specifically, during the market stresses of 4Q2018 and 1Q2020, VIACs programs led to increases in excess capital.
  • Conservative capital management is focused on fulfilling obligations to policyholders, and financial performance is measured by growth in excess capital.

KBRA Releases Research – Business Development Company (BDC) Ratings Compendium: March 2020 and COVID-19 Update

Retrieved on: 
Thursday, June 25, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Business Development Company, Nationally recognized statistical rating organization, KBRA, Bond credit rating

Kroll Bond Rating Agency (KBRA) releases its Business Development Company (BDC) Ratings Compendium, which analyzes the quarter ended March 31, 2020 results in addition to the impact of the coronavirus (COVID-19) on BDCs within the KBRA universe.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases its Business Development Company (BDC) Ratings Compendium, which analyzes the quarter ended March 31, 2020 results in addition to the impact of the coronavirus (COVID-19) on BDCs within the KBRA universe.
  • Several BDCs received shareholder approval for reduced regulatory asset coverage requirements following 1Q, which greatly improved asset coverage cushions.
  • KBRA expects that 2Q 2020 asset sales, loan paydowns and tighter credit spreads will help deleverage the balance sheet.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

KBRA Assigns a Preliminary Rating to Driven Brands Funding, LLC Series 2020-1 Senior Secured Notes

Retrieved on: 
Wednesday, June 24, 2020
Professional services, Finance, Finance, Money, Economy, United States housing bubble, Credit risk, Debt, Securitization, Kroll Bond Rating Agency, Credit rating agency, KBRA, Issuer, Bond

Kroll Bond Rating Agency (KBRA) assigns preliminary rating to a note class of Driven Brands Funding, LLC, (the Issuer) a whole business securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary rating to a note class of Driven Brands Funding, LLC, (the Issuer) a whole business securitization.
  • The transaction structure is a master trust, and the Series 2020-1, Class A-2 Notes (the Series 2020-1 Notes) represent the Companys seventh securitization within the trust.
  • Driven Brands Funding, LLC and Driven Brands Canada Funding Corporation (the Canadian Co-Issuer) are expected to issue $175 million of Series 2020-1 Notes, which will be pari passu with Notes from the prior six Series (the Outstanding Notes and together with the Series 2020-1, Class A2 Notes, the Notes).
  • In conjunction with the issuance of the Series 2020-1 Notes, KBRA anticipates affirming the ratings on the Issuers outstanding Notes owing to the performance of the underlying collateral, which is consistent with our rating stresses following the addition of the Series 2020-1 Notes.